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About the Repayment Calculator
The Repayment Calculator on truecalculator.net computes a full loan repayment schedule for any type of loan. It shows your regular payment amount, total interest paid, and the payoff date, and it lets you compare different payment strategies side by side.
The calculator uses the standard amortization formula P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the periodic interest rate, and n is the number of payments. You enter the loan amount, interest rate, term, and payment frequency. You can also add extra payments to see how they shorten the schedule and reduce interest. For accuracy, enter the rate exactly as your lender states it, since small differences change the result.
- Enter your loan amount, interest rate, and term.
- Choose your payment frequency and any extra payment amount.
- Review the schedule, compare strategies, and consider a professional for major decisions.